New York Mortgage Trust, Inc. (NYMT: Quote) said Thursday that it has commenced an underwritten registered public offering of 4 million shares of common stock.
The company also expects to grant the underwriters an option to purchase up to an additional 600,000 shares of common stock to cover over-allotments, if any.
New York Mortgage Trust said it expects to use the net proceeds of the offering to acquire certain of the company's targeted assets, including commercial mortgage-backed securities collateralized by multi-family loans and Agency residential mortgage-backed securities. The company may also use net proceeds for general working capital purposes, including the repayment of indebtedness.
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by RTT Staff Writer
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